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ShayCore renovating College Park facade at $4.5M

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The city approved a permit Jan. 5 for commercial contractor ShayCore LLC to renovate the facade of the former Town & Country Shopping Center in Arlington at a cost of $4.5 million.

JWB Real Estate Capital is redeveloping the 69-year-old retail plaza at northeast University Boulevard and Arlington Expressway into College Park.

The 18.27-acre property is at 903 University Blvd. N.

JWB President Alex Sifakis told Arlington business owners in July that the group intended to provide food options at the shopping center in response to neighborhood requests.

That includes a grocery store that has not been identified. While Sifakis would not identify the company, it would lease space previously occupied by Winn-Dixie.

For food options, Sifakis also talked about the shipping container food court and entertainment complex that will be built on-site, next to new apartments. JWB also wants to bring restaurants to the inline center.

JWB is redeveloping the center at an estimated $25 million.

Through 903 University Blvd LLC, JWB paid almost $5.1 million for the property in August 2019.

Sifakis said in July the 188,880-square-foot center is 45% occupied, not counting the grocery center space leased for storage. When the grocery store moves in, occupancy rises to 72%.

Colliers International Senior Director Matthew Clark and associates Sam Middlekauff and Olivia Steinemann are the leasing agents.

A Colliers marketing brochure says the grocery store will open in the second quarter 2022.

It also says the facade redesign, parking lot and landscape improvements, ADA compliance and upgraded LED lighting systems will be completed in early 2022.

Site work has begun. Jacksonville artists created an eight-panel mural in early 2020 on the side of the building facing the expressway.

The city approved a permit in June 2021 for Reliant Roofing Inc. to re-roof the center at a cost of $1 million.

In addition to the renovated retail center and the containers, JWB Real Estate Capital will develop 82 market-rate apartments among two three-story buildings in the parking lot corner at the expressway and University Boulevard.

Sifakis said in July he expected the facade, parking lot and signage work would take eight to 12 months, followed by another six to 12 months for the apartments and food court.

The largest current tenants include Dollar General, Advance Auto Parts, DaVita and Legacy Ministries. McDonald’s and a service station on the site are separately owned.

JWB Real Estate Capital has been working with the city to redevelop the center.

The property is part of the Renew Arlington Community Redevelopment Area, which the city hopes to assist with rejuvenation.

In June 2021, the Renew Arlington Community Redevelopment Agency board approved an almost $1.31 million code compliance grant as well as a $2 million infrastructure development grant payable up to $400,000 annually over five years.

Sifakis previously estimated it will cost about $1.4 million to bring College Park’s landscaping, buffers and fencing into compliance.

In June 2021, the Jacksonville City Council voted 18-0 to rezone the property to Planned Unit Development.

Sifakis said previously that the College Park name seemed to fit with Jacksonville University, which is less than 2 miles north. 

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Source: Jacksonville Daily Record


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Matthew Clark

Senior Director

Jacksonville

Matthew has experience with a broad spectrum of retail and office real estate product types, including urban retail streets and districts, New Urbanism developments, mixed-use developments, traditional strip malls, and grocery-anchored community centers. From multi-level marketing campaigns for retail and office assets to detailed operational analyses and strategic repositioning of underperforming assets, Matthew provides professional services that enable landlords to realize the highest value for their office or retail properties.

Prior to joining Colliers International, Matthew served for more than a decade as Senior Vice President at Jacksonville-based Prime Realty. There he oversaw combined sales and leasing transactions of more than $250 million over an aggregate 1.5 million square feet.

Matthew’s office portfolio at Prime encompassed some 330,000 square feet with a focus on urban-infill opportunities. There he worked with landlords to reposition and rebrand office assets for growth in occupancy rates and market value. He also helped tenants spanning multiple industries negotiate leases and prepare for acquisitions.

Likewise, in retail settings, Matthew was instrumental in repositioning markets and assets to garner higher rental rates. In Jacksonville’s Five Points submarket, his work with new local and regional tenants realized a 167 percent rent increase over a five-year period. He also assisted in site selection on behalf of a diverse portfolio of regional- and national-name tenants.

Before joining Prime, Matthew served as Program Manager at Ponte Vedra Beach-based MarketingExperiments, the first internet-based marketing research lab. There, he and his team optimized marketing and sales processes on behalf of companies such as Royal Bank of Canada, Reuters, the New York Times and Schlumberger. Prior to that, he developed and implemented marketing strategies and digital tools to showcase residential properties for The Vestcor Companies.

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Sam Middlekauff

Associate

Jacksonville

Sam joined Colliers International in June of 2021 as an Associate. As a life long resident of Jacksonville, Sam has a vast knowledge of the local market along with deep connections in the community that allow him to navigate through the complexities within this industry. He brings experience in sales, acquisitions, and financial analysis as he works alongside Matthew Clark and continues to develope and grow as an Associate.

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Olivia Steinemann

Associate

Jacksonville

Olivia graduated from Florida State University's College of Business. Following graduation, she moved to Jacksonville to build her career in commercial real estate.  Over the past couple of years, Olivia has worked as a Sales Associate at Steinemann & Company. During her time in this position, she focused on generating sales and leasing leads for office, mixed-use, and land development. In addition, Olivia had the opportunity to collaborate with developers in the Jacksonville area and work on large-scale projects such as World Commerce Center, San Pablo Place, and Sutton Place at Windsor Parke. As a Colliers associate, Olivia strives to bring creative concepts to the Jacksonville area and set the stage for future generations to thrive.

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